Key Highlights:
๐ SOL is trading within an upward channel and may target $200โ$230 if it stays above $165.
๐ข Long/short ratios on Binance & OKX show strong bullish confidence from traders.
๐ฅ Over $9M in short liquidations hint at rising pressure on bears.
SOL Shows Strength, Riding a Bullish Wave ๐
Solana ($SOL) is showing impressive recovery signs after bouncing from important support levels. The token is currently moving inside a rising price channel and forming consistent higher lows. If this strength continues and SOL holds above the $165 level, analysts believe it could reach between $200 and $230 in the near term.
๐ Expert Analysis: SOLโs Trend Looks Promising
Crypto expert Ali Martinez highlighted Solanaโs steady climb within a bullish channel. When SOL dipped to around $152, buying demand returned quickly and pushed the price upward toward the middle of the pattern.
Martinez pointed out that the top of the channel is around $200, but noted that a weak breakout with low volume could face resistance before continuing higher.
Earlier, he also tracked a bullish breakout from an ascending triangle โ a pattern known for continuing upward trends. Fibonacci projections previously placed $172 as the next milestone, which SOL crossed after breaking $165 resistance.
๐งฑ Key Resistance Zones: Can SOL Break Through?
According to Pentoshi, the zone between $168 and $182 is acting as a strong wall of resistance. Since early March, SOL has struggled to break through this area despite multiple tries. However, with increasing buyer volume, thereโs potential for a breakout.
If SOL can close above this range, it might rally toward $215โ$230. Similar breakouts in the past have triggered powerful upward moves. Given its higher lows and bullish candles, the current setup favors buyers.
๐ Futures Market Signals Investor Confidence
Derivatives activity is heating up around SOL. Trading volume surged by 68% in the past day, reaching around $18B, while open interest rose 6.3% to about $6.6B โ signs that traders are becoming more active and confident.
Market sentiment remains bullish:
Binance long/short ratio: 1.68
OKX long/short ratio: 1.71
Top Binance traders: 2.10 in favor of longs
These figures suggest that pro traders strongly believe SOL is heading higher.
๐ฃ Short Liquidations Add Upward Pressure
Short sellers are getting squeezed. In the last 24 hours, around $9M in short positions were liquidated, while long liquidations remained at just $3.7M.
In the past 12 hours alone, short liquidations totaled $5.8M, compared to only $800K in longs. This shows how fast bearish bets are getting wiped out, pushing SOL upward.
Strong buy support near $160โ$162 helped the token bounce and reclaim higher levels. With SOL now trading around $173, and testing resistance near $182, a break above $188 could open the door toward $215โ$235.
๐ Final Thoughts: Is $230 in Sight?
If bullish momentum continues and volume remains strong, SOL could be set to rally toward the $200โ$230 zone. A confirmed breakout above $188 is the key level to watch. With rising open interest, strong long positions, and increasing short squeezes, Solana appears ready for its next leg up.